The HKMA firmly believes that a successful program of internal controls is crucial to attaining its aims. The Internal Audit Division (IAD) has been established to assist the administration in accomplishing this intention.

three. In addition, the auditor will Assess the company’s internal controls to determine their efficacy in blocking and detecting faults and fraud. This incorporates testing the design and implementation on the controls and examining their working effectiveness.

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four. Following completing the audit treatments, the auditor will analyze the final results and type an impression on the financial statements. If considerable faults or misrepresentations are identified, the auditor will situation a qualified or adverse viewpoint.

Failure to critically evaluate administration's assessment of if the entity was acting as a principal or an agent

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The company’s auditor is chargeable for auditing the financial statements geared up by the company’s administrators, and for generating a report, which incorporates the auditor’s “view” over the accuracy and honesty of the financial statements. 

Not enough evaluation of administration's rebuttal in the presumption that default would happen each time a financial asset was ninety times past due and irrespective of whether management's usage of far more lagging default criterion is fair and supportable

For this very same cause, sustaining near communication and cooperation Along with the auditor through the entire audit process can assist to avoid irregular results from the audit. 

The auditor should carry out the audit in accordance Along with the HKSAs and should get hold of sufficient and suitable audit proof to aid their impression on the financial statements.

Not sufficiently Examine the prospective threats related to profits or gain manipulation throughout other distinctive financial a long time (Slice-off hazard)

These services contain conducting an impartial assessment of a company’s financial statements to guarantee They may be accurate and comply with pertinent accounting standards.

Besides currently being a requirement with the Companies Ordinance, it types A necessary Element of one of the steps that enable a company to keep compliance based on the regulations set in Hong Kong. The procedure would Typically follow the upcoming steps:

The HKICPA sets standards for auditing and accounting and makes sure that its associates adhere to these standards. The audit system usually involves planning, tests, assessing internal controls, analyzing results, and reporting. It includes these ways: